Daily Market Report (6 September 2024)
- Wall Street ended mixed as sentiment turned cautious as the latest weak job report is giving mixed signals over the US economic health.
- As a result, the DJIA declined by 219 points while the Nasdaq added 43 points with the US 10-year yield easing marginally to 3.725%.
- In Hong Kong, the HSI closed slightly lower as traders were sidelined from the lack of fresh catalysts ahead of the Fed rate cut later this month.
- Energy stocks continued to drag the broader market in line with the weak crude oil prices.
- Back home, the FBM KLCI closed lower, attributed to the emergence of sellers in the afternoon session amid a mixed scenario regionally.
- While we believe fundamentals of the local bourse remains intact, externalities still play a pivotal role in dictating the market’s direction.
- Thus, in view of the mixed Wall Street performance we believe market undertone to stay boring and expect the index to hover within the 1,660-1,670 range today.
